What Is a Maternity Budget?
The time before your new baby arrives is often filled with fun activities, from stocking the nursery with tiny pajama sets and stuffed animals, to attending baby showers given by loved ones. But there are also serious steps you should take to prepare financially for your baby's arrival. Maternity budgets help you plan for common costs associated with having a baby -- whether you're already pregnant, or planning to have a child within the next couple of years. Assessing your budget needs before they occur helps avoid last-minute borrowing, or credit card spending.
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Income
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Maternity budgets take into consideration whether your family's income will drop during your pregnancy. If you're taking time off work, review your benefits to learn what short-term disability insurance will kick in. Depending on financial circumstances, your spouse may want to pick up a temporary part-time job to build an emergency savings fund, or defray maternity expenses.
Medical
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When planning your maternity budget, incorporate the cost of maternity insurance and medical bills. If you're planning ahead, read your insurance policy to find out whether you're covered for maternity insurance. If you're not covered, add it -- but know that many insurers require that you carry maternity insurance for a year before it goes into effect. Medical care can be quite expensive if you're lacking insurance, or earn too much to qualify for low-income insurance benefits. Typical costs include monthly doctor's appointments, ultrasounds, blood work, labs, hospital deliveries and epidurals.
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Clothing
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Since your body changes during pregnancy, your budget will need to include maternity clothing. Some women prefer to wear their own clothing for as long as possible, opting for expansive yoga pants and stretchy t-shirts. Others want to purchase trendy maternity dresses. If you're watching pennies, borrow maternity clothing from friends and family members, or purchase items second-hand. Consignment stores, garage sales and thrift stores often sell second-hand maternity apparel; you might have luck with online sites like eBay. Some women find that they'll need new, bigger shoes during pregnancy, to accommodate swollen feet.
Big-Ticket
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Many couples decide to purchase big-ticket items, like a safer car to replace an unreliable family vehicle, or a washer and dryer to make washing the baby's clothes easier. If you haven't already, this might be a good time to purchase life insurance, or set up a savings account, to begin contributing towards your child's future education.
Extras
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Pregnancy involves a number of "extra" expenses that just creep into daily living, so plan for these in your maternity budget. Since hormonal changes sometimes lead to thicker hair, you may need to visit the salon more frequently. Purchasing organic fruits and veggies to nosh on might increase your grocery bill. Plan for the occasional pregnancy treat, like a massage, or favorite ice cream.
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References
- Photo Credit Waiting image by Kristin Skipper from Fotolia.com
